CEOs from Oil and Gas Climate Initiative (OGCI) met with Climate and energy leaders – representing government, NGOs and international organisations on Friday to discuss the findings of OGCI’s third annual report.
The report, Catalyst for Change, looks at way at reducing carbon emissions through investment into technologies that would be most effective, such as carbon capture and utilisation storage (CCUS).
The OGCI is an organisation made up of ten of the major oil and gas companies, including Shell, BP, Total and Statoil to support and contribute towards the agenda set out by the Paris Agreement.
During the event held in London, it was announced that the organisation would invest in three low carbon technologies to help the industry achieve the goals of the Paris Agreement.
This follows last week’s UCL report that stated failure of governments to back CCS technology could lead to the cost of decarbonisation becoming ‘unfeasible’.
CEO of OGCI Climate Investments, Pratima Rangarajan, said: “The three investments we are announcing today have the potential to make a meaningful impact on greenhouse gas emissions. We look forward to working with these innovative teams to help them achieve commercial success on a global scale.”
Erik Solheim, executive director of UN Environment, said: “Oil and gas industry leaders have a critical role to play in our efforts to take on climate change and limit the global temperature rise. We are counting on groups such as OGCI to support the needed shift in the way we produce and consume energy.”